FHA loans
Flexible financing for first-time buyers
FHA loans are insured by the Federal Housing Administration, which lets lenders approve borrowers with lower down payments and more flexible credit.
- Down payment
- From 3.5%
- Credit score
- As low as 500*
- Property use
- Primary home
- Terms
- 15 and 30 years
How FHA financing works
An FHA loan is one of the most popular ways to buy a first home. Because the government insures the loan, lenders can accept smaller down payments and credit profiles that may not fit a conventional loan.
FHA loans can be used for single-family homes, condos in approved projects, townhomes and multi-unit properties of up to four units, as long as you live in one unit.
Key benefits
- Down payment as low as 3.5% of the purchase price
- More flexible credit and debt-to-income guidelines
- Gift funds from family can cover your down payment and closing costs
- Sellers may contribute toward your closing costs
- Assumable loans can be a selling point later
What you need to qualify
- At Glory Mortgage, we have many lenders who accept credit scores as low as 500
- Steady employment and verifiable income
- The home must be your primary residence
- An FHA appraisal that meets safety and soundness standards
- Upfront and monthly FHA mortgage insurance premiums
*Credit score and down payment requirements vary by lender and situation.
Who this loan is best for
Want to know more? I would be honored to assist you in achieving your goals.
ConnectOrder CreditApply NowThe process, step by step
- 1
Check your options
We review your income, credit and savings to confirm FHA is the best fit.
- 2
Get pre-approved
A pre-approval letter shows sellers you are ready to buy.
- 3
Find a home
Shop with confidence knowing your price range and payment.
- 4
Appraisal and underwriting
The home is appraised and your file is reviewed.
- 5
Close
Sign your documents and get the keys.